CITN flays planned deregulation of tax practice in Nigeria
By JOHNMARK UKOKO
Chartered Institute of Taxation of Nigeria (CITN) has expressed concern over subtle moves to re-deregulate tax practice in the country through legislation. President of CITN, Adesina Adebayo, expressed this view at an interactive session with the executives of Finance C o r r e s p o n d e n t s Association of Nigeria (FICAN).
It was during a visit to the new CITN leadership at the Tax Professionals House in Ikeja, Lagos, The Trumpet gathered.
He warned that the plan which he said was spearheaded by another professional body would erode the standard of tax practice in Nigeria if allowed to sail through the legislature.
Adebayo, who is the 15th President of CITN, alleged that despite the interventions by good-spirited Nigerians, relevant establishments and groups, the particular professional body continued to push for an incursion into tax practice by lobbying the legislature.
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According to CITN boss, earlier intervention by the Federal Inland Revenue Service (FIRS) led to the signing of a Memorandum of Understanding (MoU) among the three major concerned professional bodies, namely the Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN) and Chartered Institute of Bankers of Nigeria (CITN) in 2021.
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He said the MoU restated that that tax regulation in Nigeria should continue to be domiciled with the CITN, while expressing concern that the professional group has not relented in pushing for the deregulation of tax practice, despite being a party to the MoU in the clamour for tax practice, because tax has become the beautiful bride.
“There is a clamour by everyone to practice tax, because tax has become a beautiful bride, but we have approached the FIRS and the three bodies involved to intervene,” he stated.
